IFRS Foundation Trustees' sustainability reporting initiative
Background
In the context of their periodic strategy review, the IFRS Foundation Trustees published a consultation paper in September 2020 to determine:
- whether there is a need for global sustainability standards;
- whether the IFRS Foundation should play a role in developing such standards; and
- what the scope of that role could be.
Feedback to the consultation confirmed an urgent need for global sustainability reporting standards and support for the Foundation to play a role in their development.
Developments
The Trustees have since the start of 2021 worked towards the potential creation of a new standard-setting board within the existing governance structure of the IFRS Foundation. Developments included:
- February 2021: Trustees announce next steps in response to broad demand for global sustainability standards
- March 2021: Trustees announce strategic direction and further steps of their sustainability initiative
- March 2021: Trustees announce sustainability working group
- April 2021: Trustees propose amendments to the Constitution
- June 2021: Call for nominations: Chair and Vice-Chair of the ISSB
- June 2021: Trustees announce the establishment of an Eminent Persons Group
On 3 November 2021, the IFRS Foundation announced the creation of the International Sustainability Standards Board (ISSB).